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Social Security Administration released this stats chart recently. Am I reading this right? If you are making $30k/year you are doing better than 50% of the people in the US?
Keep in mind that this stat averages *everyone*, employed or not. I'd expect the number for employed adults to be higher, but I don't know where those numbers exist - although I'm sure they do!
Note - strictly speaking, it's the median (mean is wrong!) that tells you what the halfway point is, not the average. For instance, if 6 of us c-d posters are hanging out over coffee, and are joined by Bill Gates, the average income for the group shoots *way up* - but the median (mean is wrong!) barely changes. In a sample as large as the US population, that effect would not be nearly as pronounced.
Keep in mind that this stat averages *everyone*, employed or not. I'd expect the number for employed adults to be higher, but I don't know where those numbers exist - although I'm sure they do!
Not averages. The breakdowns are very specific. So, they are not taking a guy making $100k/year and average it with a guy making $0/year and say people are making $50k/year. They're not doing that at all.
From my interpretation of the chart, they are breaking down if you are making from X amount to Y amount then you belong to this group and this group make up Z % of the total.
In other words, 14.3% of the people paying into SS made between $0 to $5k. 8.7% of the people made between $5k and $10k. And so on and so forth.
Not averages. The breakdowns are very specific. So, they are not taking a guy making $100k/year and average it with a guy making $0/year and say people are making $50k/year. They're not doing that at all.
From my interpretation of the chart, they are breaking down if you are making from X amount to Y amount then you belong to this group and this group make up Z % of the total.
In other words, 14.3% of the people paying into SS made between $0 to $5k. 8.7% of the people made between $5k and $10k. And so on and so forth.
Social Security Administration released this stats chart recently. Am I reading this right? If you are making $30k/year you are doing better than 50% of the people in the US?
Yes. THIS is a major reason why that is:
For every 1 baby born to self-supporting parents,3 babies are born to those dependent on public assistance.
Women receiving public assistance, as a group, have a birth rate 3 times higher than women who don't receive public assistance. That, in itself has led to the additional problem of nearly half of all U.S. births being paid for by Medicaid. 70% of those kids will never rise out of poverty, even as adults.
This is what is increasing the percentage of those who make less than $30,000 a year. An exponential amount of population growth is occurring at the bottom.
BTW, Medicaid and Public Health Departments cover birth control for the poor so there's NO excuse for these statistics.
Well, doing well is kinda relative.
If you live in a rural location with no mortgage, and simple needs, 30K can be a nice annual income.
If you live in New York City with a family to feed, it could be near poverty wages.
Social Security Administration released this stats chart recently. Am I reading this right? If you are making $30k/year you are doing better than 50% of the people in the US?
Yup. Most people are working very low paying jobs.
That recovery was full of low paying service jobs while the high paying jobs got offshored.
The MSM cheered the recovery with people getting jobs only they failed to note that those jobs were much less prestigious of a career than the jobs lost/offshored.
Social Security Administration released this stats chart recently. Am I reading this right? If you are making $30k/year you are doing better than 50% of the people in the US?
2014 Median family income is ~53.5k, down 1k from the previous year.
2014 Median family income is ~53.5k, down 1k from the previous year.
There's a difference between family income and individual income.
We've been talking individual income here.
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